ACC307 Accounting Theory Assignment

Reference no: EM132435683

ACC307 - Accounting Theory - Elite Education Vocational Institute

Theoretical Question

You are required to discuss your point of view for the following questions:

Question 1: What is the difference between principles-based and rules-based accounting standards?

Question 2: Can any single set of accounting standards really be purely principles-based or purely rules- based?

Question 3: What are the alleged advantages and disadvantages of principles-based and rules-based accounting standards?

Question 4: Which type of accounting standards do you think is better? Provide reasons for your choice

Case Study - Bankers: Fair value is like throwing gasoline on a fire

Claiming a mixed attribute accounting model provides a better picture of a company's business and earnings engine, bank trade groups blast full fair value By Marie Leone

Required:

Based on material presented in this article, compare and contrast views about the fair value measurement model and the mixed attribute measurement model.

Attachment:- AccountingTheory.rar

Reference no: EM132435683

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